SMC Brokerage and review

SMC was established in 1994 and is a diversified financial company offering brokerage service across segments ( Equity, Commodity, F&O and currency). Apart from that it also provide wealth management services, DP service and research service. Here we will be discussing mainly the brokerage product and service it is providing to retail customer and various product which it uses to provide it. It provide these services under SMC trade online. They have a huge network of 65 branches and 2400 brokers. So most probably you should be able to find then operating in your city.

SMC is a full service broker and provide all the financial service any retail client would ever need. There charge brokerage as a percentage of traded volume compared to discount broker which charge a fixed brokerage per trade.

Account opening charges

The account opening charges and brokerage are as follows
Account opening for web based platform – Rs 500 ( If minimum check is more than 10,000, then it would be refunded within 3 months if you generate brokerage of more Rs 1000)

Account opening with DIET desktop software – Rs 1,500 ( If brokerage of Rs 3000 is generated, then it would be refunded back to you)

This is all negotiable and depending on the margin check and the volume of trade you are going to generate can be changed.

SMC Brokerage Charges for 2016-17

These are the standard brokerage charge which are provided by SMC. The initial margin check which would be required it Rs 10,000.

BROKERAGE CHARGES

TRADE TYPES

BROKERAGE

Equity Delivery

0.3%

Equity Intraday

0.03%

Equity Futures

0.03%

Equity Options

Rs.65 per lot

In case you are ready to provide a higher margin of Rs 50,000 , the brokerage would be lowered and you can get the below mentioned brokerage rates.

Brokerage Charges

TRADE TYPES

BROKERAGE

Equity Delivery

0.1%

Equity Intraday

0.01%

Equity Futures

0.01%

Equity Options

Rs.50 per lot

After talking to SMC, I felt that the brokerage can be negotiated based on the volume of trade you would be doing or the initial account opening check you would be provided. It can come down to 0.1% and .01% based on the negotiation. So if you have decided to open account with them, I would advice you to negotiate with them to get the best deal.

Products offered by SMC

Autotrender – SMC Autotrender is web based software, which runs on any internet platform. It is a research based tools designed by the SMC research team to guide traders/investors in the live market. It is purely based on nine (9) technical indicators like RSI and Stochastic indicator and quantitative data. It provide trading buy and sell signal for NIFTY, Bank NIFTY and Commodity market. It is free of cost and you get access to it once you open account with SMC.

It can be thought as a technical indicator based advisory platform.

SMC portfolio Check-up – It is a tool provided by SMC which check your portfolio and provide inputs on how you can improve it. It is free of cost and can be used even without opening account with them. In simple terms, it just provide you with a feedback of stocks you are holding and whether you should keep on holding them or sell them. It also provide this service for Mutual funds holding you may have.

Trading platform provided by SMC

SMC Easy trade – It is a browser based platform provided by SMC free of cost with your account. You don’t need to install anything for using it, and can start trading right away from your browser. It provides service like real-time quotes, direct access to back office reports, charts and online mutual funds purchase. You can also directly transfer funds from your platform through there platform.

SMC Privilege – This is a software based product which you have to install on your computer before you can start using it. It provides all the function provided by browser based platform plus advanced charting and technical indicator which you can use. You would need a good internet speed to use all the functionality provided by this.

SMC Mobile and Tab trade – There is also an app for SMC which you can use for trading from your mobile phone and tablet. It provide fast trading from your mobile and is pretty fast. It can be used even on 2G network for placing trades.

SMC Membership Information:

SMC is a registered stock broker and a depository participant. SMC is member of BSE and NSE. ProStocks SEBI registered a Trading Member and Demat Account service provider.

SMC NSE Registration Number: INB/INF/INE 230771431

SMC BSE Registration Number: INB/INF 011343937

SEBI DP Registration Number (CSDL): IN-DP-CDSL-106-2000

So as discussed above, they provide lot of products and service inclined towards retail investor but there brokerage is on a little high side.

SMC Client number and complaints in NSE

SMC manages and update the complaint which are received again the brokers. The number of active clients and complaints are as follows.